FilmYard sets Wednesday call to launch $408 million of term loans

By Sara Rosenberg

New York, Nov. 29 - FilmYard Holdings LLC has scheduled a conference call for Wednesday to launch its proposed $408 million of first- and second-lien term loans, according to a market source.

Barclays and Jefferies are the lead banks on the deal, with Barclays the left lead.

The debt is comprised of a $325 million 51/2-year first-lien term loan and an $83 million six-year second-lien term loan, the source said.

Price talk on the first-lien loan is Libor plus 600 basis points with a 1.75% Libor floor and an original issue discount of 98, and price talk on the second-lien loan is Libor plus 1,000 bps with a 2% Libor floor and an original issue discount of 98, the source said.

The first-lien loan has 101 soft call protection for one year, and the second-lien is non-callable for one year, then at 104 in year two, 102 in year three and 101 in year four.

Proceeds will be used to help fund the acquisition of Miramax Films by Ron Tutor, Tom Barrack, Colony Capital LLC and other individuals from Walt Disney Co.

FilmYard is a New York-based film company.

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